Better Takes Next Step Towards Going Public, Announces Filing by Aurora Acquisition Corp. of Amended Form S-4
Better HoldCo is in the process of becoming a publicly-listed company via a merger with Aurora Acquisition Corp (AURC), submitting amendment No. 6 to its Form S-4 registration statement. This deal is projected to generate
- Merger with Aurora Acquisition Corp expected to generate $750 million in capital for Better.
- Since 2016, Better has originated over $100 billion in mortgages, showing strong growth.
- Commitment to innovation with technology enhancements and new product lines.
- None.
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Digital homeownership company has originated more than
of mortgages since its inception in 2016$100B -
Harit Talwar joins as Chairman of the Board - Proceeds would be used to double down on Better’s mission of serving customers’ homeownership aspirations
“In just six years, Better has helped hundreds of thousands of Americans invest in themselves and their families by financing or refinancing their homes,” said
The digital homeownership company is committed to becoming a solution for everyday Americans in their homeownership journey by delivering mortgages and home-related products and services better, faster, and cheaper. Better would use proceeds to continue investing in products and features that customers need now more than ever for a great homeownership financing experience.
“We are guided by a singular obsession with the customer experience,” said Garg. “Mortgage-focused financial infrastructure performs one of the most important social functions by providing a vessel for the savings for those who have capital and empowering those who can utilize it to improve their lives and their families and communities well being.”
To remain competitive, the digital homeownership company will expend resources to enhance and improve Better’s technology, product offerings, and product lines. The company plans to grow its purchase business, improve its cross-sell of non-mortgage products on the platform to enable greater ease and savings for its customers, and achieve its mission to save every American homeowner money on their mortgage versus a traditional bank or mortgage broker.
In the fourth quarter of 2021, the company introduced its Better Cash Offer program that serves well-qualified, digitally pre-underwritten prospective homebuyers to make all-cash offers on their house powered by Tinman, Better’s proprietary mortgage automation platform. In this challenging refinance market environment, Better plans to continue innovating for its customers and driving growth by focusing on less rate-sensitive commoditized product offerings.
“Tinman learned how to do a rate term refinance mortgage, then an in-contract purchase, and now we are able to underwrite loans so fast we can turn regular consumers into cash buyers in a few days. This has allowed our model to evolve from being a low-cost refi provider online 24/7 to helping consumers with life’s biggest transaction in one shot, still 24/7 entirely online. It’s magical the power of modern technology to change this thousands of years old business,” shared
Better has also implemented organizational changes to continue improving its culture.
“We at Better remain dedicated to our mission to provide homeownership opportunities to all and to build a company that we are proud of through the cycles. To enable that we are focused on the core business, customer experience, excellent execution, and talent and teamwork. We also want to be great custodians of our shareholders’ capital,” said
“I’m gratified to my Better colleagues and teammates that even in a tough economic environment we continue to serve customers and attract top talent,” concludes Garg.
Highlights
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Harit Talwar joined Better to serve as Chairman of the Board of Directors inMay 2022 . He is leading Board oversight of Better’s strategy and culture and has a strong background in consumer financial businesses and building public companies. Talwar most recently served as Chairman of the Consumer Business at Goldman Sachs fromJanuary 2021 toDecember 2021 and Global Head of the Consumer Business fromMay 2015 toJanuary 2021 . He has served as a member of the board for Mastercard Inc. sinceApril 2022 . -
CFO
Kevin Ryan , who has over 20 years of experience in financial services investment banking, and Chief Compliance Officer and General CounselPaula Tuffin , who has over two decades of experience in the law including at theConsumer Financial Protection Bureau , is also playing a key role in the deal. -
Better has won multiple high-profile awards, including being ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in
New York , #15 on CNBC’s Disruptor 50 2020 list, and Forbes FinTech 50 in 2020. Better was also named to NerdWallet and Forbes Advisor’s Best Online Mortgage Lenders lists. - Better has industry-leading partnerships on private label and co-branded basis for some of the best brands in financial services, American Express, and Ally Financial.
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Better is currently licensed to operate in all 50 states and the
District of Columbia .
About Better
Founded in 2016, Better is a digital-first homeownership company whose affiliates provide mortgage, real estate, title, and homeowners insurance services. In 2021, Better Mortgage funded approximately
About
Through its philosophy of “founders investing in Founders”, Aurora looks to empower strong management teams and make long term investments in companies poised for sustained success. Aurora is sponsored by
DISCLOSURE FOR INVESTORS AND SHAREHOLDERS
Important Information For Investors And Shareholders
This communication may be deemed to relate to a proposed transaction between
Investors and security holders may obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the
Participants in the Solicitation
Aurora and its directors and executive officers may be deemed participants in the solicitation of proxies from Aurora’s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Aurora is contained in Aurora’s registration statement on Form S-4, which was initially filed with the
Better and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Aurora in connection with the Business combination. A list of the names of such directors and executive officers and information regarding their interests in the Business combination is contained in the registration statement.
Forward Looking Statements
This communication only speaks at the date hereof and contains, and related discussions may contain, “forward- looking statements” within the meaning of
Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, Better’s performance, capabilities, strategy, and outlook; Better’s rapid growth and subsequent contraction and its ability to manage its growth effectively and achieve and maintain profitability in the future; the demand for Better’s solutions and products and services, including the size of Better’s addressable market, market share, and market trends; Better’s ability to operate under and maintain Better’s business model; Better’s ability to develop and protect its brand; the effect of workforce reductions and associated negative media coverage on Better’s ability to maintain and establish third-party relationships (including with business partners, warehouse lenders and investors), recruit and retain employees, management and directors and otherwise achieve its business goals; Better’s ability to maintain morale among its workforce; Better’s ability to achieve its operational and financial targets; Better’s ability to set and achieve its business goals and objectives in the context of recent negative press and changes to its organizational structure in response; Better’s estimates regarding expenses, future revenue, capital requirements and Better’s need for additional financing; the degree of business and financial risk associated with certain of Better’s loans; the high volatility in, or any inaccuracies in the estimates of, the value of Better’s assets; any changes in macro-economic conditions and in
There may be other risks not presently known to us or that we presently believe are not material that could also cause actual results to differ materially. Analysis and opinions contained in this communication may be based on assumptions that, if altered, can change the analysis or opinions expressed. In light of the significant uncertainties inherent in the forward-looking statements included in this communication, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this report will be achieved, and you are cautioned not to place substantial weight or undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date they are made and, Aurora and Better each disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This communication will not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication will also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
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Media Contact: Better@bevelpr.com
Investor Contact: BetterIR@icrinc.com
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